Booking Holdings Inc. reported a significant increase in its financial performance for the fiscal year ended December 31, 2025, with total revenues reaching $26.9 billion, a 13.4% increase from $23.7 billion in 2024. The company's net income was $5.4 billion, down from $5.9 billion in the previous year, reflecting a decrease in agency revenues, which fell by 6.5% to $8.0 billion. Merchant revenues, however, saw a notable rise of 25.5%, totaling $17.8 billion, driven primarily by growth in accommodation reservations and flight services.
The company experienced a shift in its business model, with merchant gross bookings increasing by 24.8% to $130.0 billion, while agency gross bookings decreased by 8.7% to $56.1 billion. This transition reflects a broader trend towards direct bookings through Booking.com, which accounted for a significant portion of the company's revenue. The total gross bookings for the year were $186.1 billion, up 12.4% from the previous year, aided by favorable foreign currency exchange rates.
Strategically, Booking Holdings has focused on enhancing its technological capabilities, including the integration of generative artificial intelligence (Gen AI) features across its platforms. The company has also expanded its loyalty programs and increased its alternative accommodations offerings. As of December 31, 2025, Booking.com listed approximately 4.4 million properties, up from 4.0 million in 2024, with alternative accommodations making up about 36% of room nights booked. The company employed approximately 24,300 individuals globally, maintaining a workforce level consistent with the previous year.
Looking ahead, Booking Holdings anticipates continued growth in travel demand, particularly in Europe and Asia, and plans to leverage its diversified portfolio of brands to navigate potential market fluctuations. The company is also committed to its Transformation Program, which aims to enhance operational efficiency and is expected to yield annual savings of approximately $500 to $550 million by the end of 2026. Despite the challenges posed by geopolitical and macroeconomic factors, Booking Holdings remains optimistic about its long-term growth trajectory and the ongoing shift towards online travel bookings.
About Booking Holdings Inc.
Booking Holdings Inc. operates leading online travel and restaurant reservation platforms, including Booking.com, Priceline, Agoda, KAYAK, and OpenTable. It offers comprehensive services such as accommodation, flights, ground transportation, activities, and dining reservations across global markets. The company connects consumers with travel service providers through technology-driven platforms, generating revenue from merchant bookings, agency commissions, and advertising. Its business model emphasizes broad choice, seamless booking, personalized experiences, and strong partner relationships.
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